The Nigerian state, during the five-year Presidency of Goodluck Ebele Jonathan, earned a total of N51 trillion from petroleum resources. The money is part of the N96.212trillion the country earned in 58years of crude oil sales.

Of this princely sum, which accounts for about 80 per cent of the country’s revenue, only N12.258 trillion (just about 14% of total) has been paid to the oil producing areas as derivation. The figure is N35.848 trillion less than the N48.106 trillion the oil-bearing regions should have received as derivation if 50 per cent derivation had not been jettisoned few years after crude oil became the chief revenue earner for Nigeria. The figures are the outcome of research by Sunday Vanguard, relying on documents from the Petroleum Inspectorate, NNPC, CBN Annual Report and Statement of Account, Nigeria Bureau of Statistics and the Nigeria Extractive Industry Transparency Initiative, NEITI. In the face of biting contemporary economic realities Nigerians are contending with, there is a consensus that the different tiers of government – federal, state and local government councils – have indeed squandered the nation’s earnings. Even the modest attempts at saving for the rainy day with the creation of, first, the Excess Crude Account, ECA -which suffered mismanagement occasioned by under-hand spending by the Federal Government that was supposed to hold the funds in trust – and, thereafter, the controversial and ineffectual Sovereign Wealth Fund, SWF – which became a subject of litigation and high-wire politicking between the Federal Government and the leadership of the Nigeria Governors’ Forum, NGF – suffered from the typically Nigerian insincere approach to economic management. A breakdown of the earnings shows that between 1958 and 2007 (CBN Annual Report and Statement of Account, 2008), Nigeria earned N29.8 trillion from petroleum resources. And between 2008 and June 2016, the country generated N66.412 trillion.


Between 1958 and 1966, Nigeria earned N140 million from crude oil; 1967 to 1975, the General Yakubu Gowon got about N11.03 billion; while the late General Murtala Mohammed/ Olusegun Obasanjo military regime scooped about N25 billion from 1975-1979. In like manner, the civilian administration of President Shehu Shagari earned N36 billion oil money; Buhari, in his first coming as military head of state (1984-85), earned about N25 billion; General Ibrahim Badamasi Babangida, 1985 to 1993, N420 billion; the Ernest Shonekan/Abacha regime (1993-1998), N1.6 trillion; and General Abdulsalami Abubakar regime (1998-1999), N350 billion. With the return to civil rule, Nigeria, under President Obasanjo realised about N27 trillion from crude oil between May 1999 and May 2007. His successor, Umaru Yar’ Adua, reaped about N9 trillion in his almost three-year rule before he passed on. The luckiest of the leaders is former President Goodluck Jonathan, whose administration in five years, between 2010 and 2015, earned about N51 trillion from petroleum resources. Since he came to power on May 29, 2015, the President Buhari administration has been able to earn just about N6 trillion from crude. However, the huge earnings, since 1958, arguably, have translated to little or no improvement on the welfare of the citizenry, especially the people of the oil-producing areas, whose environment – land, water and air, has been adversely contaminated and, in many cases, devastated and polluted.


DETAILS OF EARNINGS AND IMPACT OF EXPLORATION NEXT WEEK

Read more at: http://www.vanguardngr.com/2016/08/jonathan-nigeria-earned-n51trillion-crude-oil/

Jona really burst records for this oh.


51trn ain't no beans.

Tho crude price was quite high during his time sha.

Militant nor launch well a during jona


Obasanjo during 7years got 27trn. while 5yrs reins gave 51trn.

WHAT A MARGIN!

OBJ NA JONA BOY FOR THIS ONE!

Under Jonathan I was earning approximately 20k as a month as a Youth corp member while people a year before me earned only N9000, where did the extra money come from?

Under Jonathan, minimum wage for federal workers was increases from 7000 to 18000, where did the extra money come from?

Under Jonathan the FG was paying billions of naira monthly to subsidized petroleum products whose prices kept rising as the price of crude oil rose. A subsidy he tried to remove but was vehemently resisted by the citizens.

Under Jonathan more than 20 power stations costing billions of dollars were completed and made operational. These included the ones Obasanjo left at less than 10 percent completion after 8 years.

Under Jonathan old and dilapidated railways were brought back to life (PH Enugu) and brand new standard guage ones (Abuja kaduna ) were also built. These cost billions of dollars to build.

Under Jonathan, perennial death traps like east west road and Benin Ore road were rebuilt, east west road alone included the construction of several bridges, these cost billions of dollars.

Under Jonthan, 9 new Federal universities were built, OBJ built none.

Under Jonathan some university lecturers began earning like oil company workers. This was done to end the incessant strikes. Where did the money come from?

Under Jonathan, billions of naira was injected into the amnesty program (initiated by Yaradua). This was done to ensure uninhibited flow of oil.

onnenka:
Under Jonathan I was earning approximately 20k as a month as a Youth corp member while people a year before me earned only N9000, where did the extra money come from?

Under Jonathan, minimum wage for federal workers was increases from 7000 to 18000, where did the extra money come from?

Under Jonathan the FG was paying billions of naira monthly to subsidized petroleum products whose prices kept rising as the price of crude oil rose. A subsidy he tried to remove but was vehemently resisted by the citizens.

Under Jonathan more than 20 power stations costing billions of dollars were completed and made operational. These included the ones Obasanjo left at less than 10 percent completion after 8 years.

Under Jonathan old and dilapidated railways were brought back to life (PH Enugu) and brand new standard guage ones (Abuja kaduna ) were also built. These cost billions of dollars to build.

Under Jonathan, perennial death traps like east west road and Benin Ore road were rebuilt, east west road alone included the construction of several bridges, these cost billions of dollars.

Under Jonthan, 9 new Federal universities were built, OBJ built none.

Under Jonathan some university lecturers began earning like oil company workers. This was done to end the incessant strikes. Where did the money come from?

Under Jonathan, billions of naira was injected into the amnesty program (initiated by Yaradua). This was done to ensure uninhibited flow of oil.

is buhari paying less salary that jonathan paid, first bailout that was given under buhari in whose tenure was those state wasn't able to pay those salaries,

u say east west road is it the same road people in east are saying is a dead trap or which of the East West road u dey talk of,

locosis007:
Jona really burst records for this oh.


51trn ain't no beans.

Tho crude price was quite high during his time sha.

Militant nor launch well a during jona


Obasanjo during 7years got 27trn. while 5yrs reins gave 51trn.

WHAT A MARGIN!

OBJ NA JONA BOY FOR THIS ONE!

with what obj got he was able to clear nigeria debt and save some which he transfered to yahadua

the question is after 16 years dose nigeria look like a country that receive such amount of money from crude sale

Nigeria has earned a total of N96.212trillion in 58years of crude oil sales.
Mr Jonathan's government earned N51trillion( more than half of our 58yrs earnings) in 5yrs!
Obasanjo and Yaradua , in 11yrs, earned a combined sum of N36trillion and saved $63billion in our foreign reserve.
Mr Jonathan depleted that reserve to $30billion after earning half of our 58yrs earning!
Tell me how do you describe this generalissimo of mindless corruption and earth shattering incompetence?
How do you ignore this fact while talking about the current state of the economy?
Posted by Olusegun Mark.
Anyone who says no to his past is living in denial and no good future awaits him.

is this the pdp that wants to change the change?

spartacus11:
Nigeria has earned a total of N96.212trillion in 58years of crude oil sales.
Mr Jonathan's government earned N51trillion( more than half of our 58yrs earnings) in 5yrs!
Obasanjo and Yaradua , in 11yrs, earned a combined sum of N36trillion and saved $63billion in our foreign reserve.
Mr Jonathan depleted that reserve to $30billion after earning half of our 58yrs earning!
Tell me how do you describe this generalissimo of mindless corruption and earth shattering incompetence?
How do you ignore this fact while talking about the current state of the economy?
Posted by Olusegun Mark.
Anyone who says no to his past is living in denial and no good future awaits him.

well, "Jonathan's destiny was to bankrupt Nigeria"- Tunde Bakare.

spartacus11:
is buhari paying less salary that jonathan paid, first bailout that was given under buhari in whose tenure was those state wasn't able to pay those salaries,

u say east west road is it the same road people in east are saying is a dead trap or which of the East West road u dey talk of,

Yes Buhari is paying salaries, what else has he done? East west road spans from Rivers through Bayelsa to Delta. You sound like someone who hasn't travelled outside his village.

onnenka:
Yes Buhari is paying salaries, what else has he done? East west road spans from Rivers through Bayelsa to Delta. You sound like someone who hasn't travelled outside his village.

East-West road gulped N726bn under Jonathan yet not completed, the amount of failed portion is mind bugling, so what project did jonathan complete.

Tolexander:
well, "Jonathan's destiny was to bankrupt Nigeria"- Tunde Bakare.

that is just the simple truth

onnenka:
Yes Buhari is paying salaries, what else has he done? East west road spans from Rivers through Bayelsa to Delta. You sound like someone who hasn't travelled outside his village.

WHAT PROJECT SIS JONATHAN COMPLETE AND WHY IS BUHARI BUSY PAYING CONTRACTRORS DEBT OWN BY JONA, WHY IS ALL JONATHAN ROAD PROJECT UNCOMPLETED?

Contractors handling federal highway projects worth hundreds of billions of naira have started returning to site nearly a year after they stopped work due to lack of payment, Daily Trust reports.
The Federation of Construction Industry and economists told Daily Trust yesterday that the development was good for the economy.
There are nearly 200 federal road projects across the country, many awarded since 2006.
All the projects suffered setbacks, due mainly to poor funding, resulting in missed completion deadlines.
Sources told Daily Trust that this often led to upward review of the cost of the projects sometimes doubling the original amounts.
All the contractors stopped work by the second half of last year sending thousands of workers back home.
This week, our correspondents who visited construction sites in Abuja, Kaduna and Kano reported that heavy duty earth-moving equipment are back at work on federal highways again.
This development, according to the Federal Ministry of Works, followed appeals by the minister, Babatunde Fashola to contractors to return to work.
The Head of Public Relations unit of Arab Contractors, Mr Ofen Ibiang, said the present administration’s commitment to pay contractors motivated them to return to site.
In Abuja, the German construction giant, Julius Berger, is back on the Airport road while Dantata and Sawoe are mobilising on the opposite side of the city, the Outer Northern Expressway (ONEX).
The contractor handling the Bwari – Jere road, an alternative route to Kaduna, returned to work penultimate week.
The construction firm, SCC Construction Company is at the moment working on two bridges as well as some sections of the road in Kagarko Local Government Area of Kaduna State.
Kano-Maiduguri expressway in progress
The Kano-Maiduguri expressway, like the Abuja Lokoja road, was awarded to four contractors by the Obasanjo administration at about N50 billion.
When our correspondent in Kano visited the site, Dantata and Sawoe workers were seen busy with different heavy duty trucks uprooting trees moving the earth and watering the ground.
The work, which started from Rijiyan Gwangwan in Dawakin Kudu local government area of Kano State has gone as far as Dogon Marke village of the same local government area.
The work has compelled motorists coming into Kano and those going out of the city to ply the same lane because the site upon which work is going on has been temporarily closed.
Our correspondent reports that work is however yet to resume at the other stretch of the road – the Yobe – Maiduguri end.
Lagos-Ibadan expressway
This project was awarded to Bi-Courtney Highway Services Limited in 2013 but the contract was terminated and re-awarded to Julius Berger Nigeria Plc and Reynolds Construction Company Limited (RCC) at N167 billion.
The federal government early in the year asked the contractors to return to work. But as soon as they began to mobilise, Bi-Courtney renewed it court case and work has since stopped because of the litigation.
East West Road
The project was estimated to cost of N1 trillion under the Obasanjo administration – to be executed in phases. Over the years the funding is said to have reached N750 billion.
Second Niger bridge
The federal government has provided N17 billion in this year’s budget but our repoter said work is yet to reume.
Abuja-lokoja road
No work is ongoing on the Abuja-Lokoja road awarded at the cost of N42 billion in 2006 but was raised to N116 billion. Dantata and Sawoe Nigeria Ltd handles the section from Abuja-Kwali. While Reynolds Construction Company Nigeria Limited Abaji. Gitto Construct Nigeria Limited handles the last part leading to Lokoja.
An employee of Dantata and Sawoe Nigeria Ltd who declined to give his name said the company was owed huge money so it cannot resume work, saying many staff had been laid off. He said since last year, his company had not been paid.